Are ITV Candidates Missing a Trick?

By Kathy Sandler

Every week another potential candidate for ITV chairman or chief executive makes a mad dash for the exit, ostensibly because the price isn’t right, the board’s too ‘crusty’, or the ship’s still sinking.

And while anyone looking at Michael Grade’s tough ride will think twice about joining a company fighting for survival in a fast-changing media landscape, whoever does take over is in for a much easier time.

This is because Grade’s attempts to inject the X factor into ITV were thwarted in a large part by the economy. Whatever happens on his successor’s watch, it’s likely to be better than the last 12 months.

The good times haven’t quite started yet, but the party buffet is already being laid out. ITV’s ad sales are down only 3% in October and November, a darn site better than the double digit declines of yesteryear.

COO John Cresswell said this signals an improving trend rather than an actual ‘recovery’, but then he might just be sore they keep overlooking him for the top job.

Add a Comment

Thanks for reading The Source. We would like to direct you to MoneyBeat, the Wall Street Journal’s brand new global blog. MoneyBeat unites MarketBeat, The Source, Overheard and all the Deal Journal blogs, bringing together all the market, M&A, IPO and hedge-fund news from those blogs into a 24-hour hub for finance news. Check it out and let us know what you think at moneyblog@wsj.com.